Corvex is a hedge fund led by Keith Meister, who has often been described as a “protege” of Carl Icahn, the billionaire activist investor known for buying up large pieces of companies such as Apple, Netflix and eBay, and then agitating for changes in corporate management or direction. Meister seems to have learned from his teacher, as he threw enough water on Westergren’s Pandora plans to drown them in Lake Merritt, just a few blocks from Pandora’s Oakland headquarters.

Pandora Media Inc. (P) | FindTheCompany

Since Westergren took over as CEO from Brian McAndrews on March 28, he has maintained that the Internet radio company is in a strong position to remain independent and proceed with efforts to compete better with rivals such as Spotify and Apple Music. Among Pandora’s goals are to make more money from its 2015 acquisition of concert-ticketing company Ticketfly, and to launch an on-demand version of its music-streaming streaming service. The company has set a target of $4 billion in revenue by 2020.

Meister couldn’t care less.

In a letter addressed to Jim Feuille, Pandora’s chairman of the board, Meister left little room to debate where he stands on Westergren and where Pandora is headed. Among the comments Meister had for Westergren and Pandora were:

“Mr. Westergren’s public statements after his appointment as CEO appear to indicate a ‘business as usual’ approach at best, while at worst they suggest an unwillingness to consider a sale regardless of the price offered to shareholders or the cost and uncertainty inherent in a standalone business plan.”

“We believe the company could face difficult choices and tough negotiations in its attempts to secure on-demand rights from record labels.”

“Some market participants believe Pandora’s expensive push into adjacent business lines reflects a belated admission that growth in the core ad-supported internet radio business has stalled, while others simply do not trust management to execute on future opportunities in a manner which creates value for shareholders.”

“Let us be clear – it remains our firm belief that the company should immediately explore the potential value to shareholders that could be realized in a sale transaction.”

Ouch.

We have made several requests to Pandora to speak with Westergren on various matters, but the company continues to rebuff such offers. On Wednesday, a Pandora spokesman said that speaking with Westergren was “not something we can do in the near term.”

Regarding Corvex’s comments, Pandora said the following: “Pandora has a profitable core business, combined with a strong balance sheet. We are confidently investing to fully capture the massive opportunity ahead of us. Our management team is in constant dialogue with shareholders about our business strategy and committed to delivering results and long-term value.”

Pandora’s shares rose 6.5 percent to $10.62 following the disclosure of Corvex’s ownership and sentiment. For the year, Pandora’s stock price is down by almost 21 percent.

Photo: Dylan Kongos of Kongos performs onstage during Pandora Presents: Kongos with The Strumbellas on May 16 in Nashville, Tennessee. (Jason Davis/Getty Images for Pandora Media)

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